Your Crypto Focus: 22nd – 28th January
This week has been another shocker for Cryptos. After setting up recovery last week we’ve seen those gains taken away and in many coins new weekly and monthly lows reached.
Selling kicked off mid week when US treasury yields raced back to levels not seen since the start of the pandemic. This hit stock indexes and the fear spread into other risk markets including crypto. Last night we saw a brief breaks higher before the hammer really came down. Sellers took over in yesterday’s session knocking coins lower and selling continued to increase throughout Friday’s session. Another demand kicker could be news that Russia’s central bank in considering a ban on cryptocurrencies and the mining of them claiming, digital currency poses a risk to “financial stability and monetary policy sovereignty.”
Russia is among the top three countries for bitcoin mining due to its cheap electricity prices which is a key in mining.
Close to $147 billion has been wiped off the entire cryptocurrency market in the past 24 hours, according to Coinmarketcap.com.
Monero, looking at the daily chart we can see support continuing to hold for buyers and firm looking demand area that could set up a new push higher if it remains in play and market momentum shifts back to buyers. We will be keeping an eye on this set up moving forward.